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The New York City Recovery Index: August 22

Collector’s note: Below you’ll find the week 103 release of the NYC Recovery Index, originally published August 23, 2022. Call in the NYC Recovery index homepage for the latest data.

New York City’s economic recovery progressed slightly for the week the great August 13, 2022, with the overall index score rising by one percentage point to 73 out of 100. COVID-19 hospitalizations be prolonged to decline, albeit at a more moderate pace, while unemployment insurance (UI) claims fell. It was a positive week for both underground railway ridership and restaurant reservations, which reversed their declines from the previous week. Meanwhile, home sales marathons are once again above their pre-pandemic baseline. A slight decrease in rental vacancies was the sole negative enlargement in this week’s report.


New York City’s economic recovery stands at a score of 73 out of 100, according to the New York See Recovery Index, a joint project between Investopedia and NY1. Over two years into the pandemic, New York City’s fiscal recovery is nearly three-quarters of the way back to pre-pandemic levels.

COVID-19 Hospitalizations Continue to Fall

The COVID-19 hospitalization class in New York City declined for the fourth consecutive week, with daily hospitalizations falling to an average of 115, juxtaposed to 118 recorded over the previous week. However, the rate of decline has slowed considerably, with hospitalizations unused over six times above the post-winter-wave low of 18 recorded in early March.

Between July 15 and August 12, COVID-19 hospitalizations in New York Big apple declined by an encouraging 27.4%. At the same time, ICU admittances for patients with severe COVID-19 declined by 1.5%, while the add up requiring intubation fell by 9.3%. This indicates that the number of patients with more severe fitness complications has not fallen as rapidly as the overall hospitalization count.

The Centers for Disease Control and Prevention (CDC) continues to project that all new chests are omicron-related, with an overwhelming share—87.9%—now attributed to the BA.5 subvariant. Meanwhile, the shares attributed to the BA.4.6 and BA.4 variants be suffering with fallen to just 8.2% and 3.5%, respectively.

The share of fully vaccinated city residents remained unchanged this week, with 79.3% of residents fully immunized against COVID-19 per NYC Strength & Hospitals data. Since the pandemic began two-and-a-half years ago, nearly 2.8 million cases have been recorded in New York Urban district, along with 41,459 deaths.

Unemployment Claims Stabilize

The number of unemployment insurance (UI) claims filed in New York Burg fell by 300 claims for the week ending August 13, totaling 5,990. By comparison, the 2019 rolling normally of claims registered a rise of 137 and totaling 5,470. As such, UI claims are inching back closer to their pre-pandemic baseline, but remainder 9.5% above 2019 levels. Reflecting this week’s improvement, the unemployment claims subindex rose by 6.5 part points to 91 out of 100, and it remains the second best-performing subcomponent of the aggregate index.

Home Sales Jump

Unconfirmed home sales throughout New York City rose by 39 homes during the week ended August 13, totaling 491. Interim, the pre-pandemic rolling average of sales, tracking the calendar-equivalent week of 2019, decreased by 17 homes to a total of 387. As such, citywide tranquil sales are now nearly 27% above their pre-pandemic baseline, compared to 11.8% last week, with the marker measure remaining fully recovered at 100 points. By borough, sales in Manhattan surpassed those of Brooklyn in affiliation to 2019 levels. Manhattan home sales are now 33.7% above their pre-pandemic baseline, compared to respective tails ofs of 22.4% and 18.1% for Brooklyn and Queens.

Rental Vacancies Decline Slightly

There were 16,983 available living quarters on New York City’s rental market for the week ending August 13, 119 fewer compared to the previous week. This take oned a very minimal decline, with the rental availability subindex remaining unchanged at 85 out of 100. The city’s rental Stock Exchange remains roughly one thousand units short of the pre-pandemic norm for this time of year, and would require numerous consistent gains to fully recover.

Subway Ridership Rebounds

The MTA subway experienced a slight rebound in ridership during the week undecided August 13, with average daily ridership rising to 39.3% below pre-pandemic levels, compared to 40.8% down aftermost week. The subway mobility subindex increased in turn rose to 61 out of 100. For the week, the MTA reported a trailing usual of 2.65 million daily riders. Current ridership remains below levels seen in May and June, and is relatively unchanged from the pre-omicron-wave be opens of November and early December 2021. Greater and more consistent percentage gains will be necessary for the city’s underpass system to fully recover.

Restaurant Reservations Increase

Restaurant reservations throughout New York City saw an encouraging wax during the week of August 13, rising to 38.8% below the pre-pandemic baseline after falling below the 40% door-sill last week. The restaurant reservations subindex rose to 61 out of 100 in effect, and remains tied with underground railway mobility as the second least-recovered index component. With the end of summer approaching, the city’s restaurant industry still has sizeable ground to make up to recover customers lost due to the pandemic.

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